Retail

Avalon to Host Inaugural Pop-Up Holiday Market in Metro Atlanta

by Alex Tostado September 2, 2020

ALPHARETTA, GA. — North American Properties (NAP), developer and manager of the 86-acre mixed-use property Avalon in Alpharetta, will host its inaugural Holiday Market at Avalon. The event will be a six-week, outdoor pop-up market that will share an intersection with Tesla, Rumi’s Kitchen and Apple. Holiday Market at Avalon will open Nov. 22 as part of Avalon’s 2020 Holiday Experience, which has been altered due to the COVID-19 pandemic. The holiday program will include Santa experiences and Avalon on Ice, the destination’s Rockefeller Center-sized ice-skating rink. Holiday Market at Avalon will be held at a 9,000-square-foot retail space at the intersection of Avalon Boulevard and 1st Street. The market will be open through Jan. 3. Participating businesses will have the opportunity to create their own retail experience in individual spaces ranging from 150 feet to 700 square feet.

September 2, 2020

Acquisitions California Retail Western

Voit Brokers $8M Sale of Two Retail Properties in San Diego

by Kristin Harlow September 2, 2020

SAN DIEGO — Voit Real Estate Services has brokered the $8 million sale of two retail properties in San Diego’s Pacific Beach. The transaction includes a 3,234-square-foot property occupied by McDonald’s and a 2,329-square-foot gas station occupied by Union 76. The two parcels total 50,754 square feet of land and are located at the northeast corner of Mission Bay Drive and Garnet Avenue. Brandon Keith, Kipp Gstettenbauer and Ryan King of Voit represented the buyer, Mission Day LLC, as well as the seller, JR&C Harris.

September 2, 2020

Development Florida Retail Southeast

American Commercial Realty to Redevelop Shopping Center in Central Florida

by Alex Tostado September 1, 2020

OCALA, FLA. — American Commercial Realty Corp. will redevelop Pearl Britain Plaza, a Publix-anchored shopping center in Ocala. The Palm Beach Gardens, Fla.-based developer will demolish the existing Publix, which was built in 1991, and build a new 48,387-square-foot Publix. Anchoring the 77,637-square-foot center, the new Publix will feature a drive-thru pharmacy. Existing tenants including Stay Faded Barber, Sam’s Nails, Wise Guys Pizzeria, Jackson Hewitt and Shang Hai Restaurant will remain in place when the center reopens, scheduled for early 2021. Pearl Britain Plaza is situated at 2657 NE 35th St., 38 miles south of downtown Gainesville. Cuhaci & Peterson designed the shopping center. Elliott Throne and Jesse Wright of JLL originated a construction loan through First Florida Integrity Bank on behalf of the borrower. The seven-year loan features a fixed interest rate.

September 1, 2020

Development New York Northeast Retail

Breslin Realty to Undertake 62,450 SF Expansion of Walmart in Farmingdale, New York

by Taylor Williams September 1, 2020

FARMINGDALE, N.Y. — Development and management firm Breslin Realty will undertake a 62,450-square-foot expansion project at a Walmart Supercenter store in the Long Island city of Farmingdale. The project will increase the total size of the store located at Republic Plaza to 219,450 square feet. The center also houses tenants such as Chili’s Grill & Bar, Panera Bread, Chipotle Mexican Grill, Halal Guys and Blaze Pizza. A construction timeline was not released.

September 1, 2020

Connecticut Leasing Activity New York Northeast Retail

Wren Kitchens to Open Two Retail Showrooms Totaling 40,850 SF in New York, Connecticut

by Taylor Williams September 1, 2020

LEVITTOWN, N.Y. AND MILFORD, CONN. — Wren Kitchens, a United Kingdom-based designer and manufacturer of kitchens, has signed leases in the Long Island city of Levittown and in the Connecticut city of Milford to open retail showrooms. The spaces will span 19,500 and 21,350 square feet, respectively. Adam Weinblatt and Marc Frankel of Newmark Knight Frank represented Wren Kitchens in the lease negotiations. Brian Schuster of Ripco Real Estate represented the landlords. Both showrooms are scheduled to open by late 2020 or early 2021.

September 1, 2020

Acquisitions NAI Northeast Pennsylvania Retail

NAI Summit Brokers Sale of 4,113 SF Retail Building in Allentown, Pennsylvania

by Taylor Williams September 1, 2020

ALLENTOWN, PA. — NAI Summit has brokered the sale of a 4,113-square-foot retail building located at 2071 SW 31st St. in Allentown. Sarah Finney-Miller of NAI Summit represented the seller, LEAD 112 LLC, in the transaction. The buyer, 3030 Lehigh Street, plans to renovate the property and convert it into an automotive service center.

September 1, 2020

Michigan Midwest Retail

MGM Grand Detroit to Cut 1,100 Workers

by Kristin Harlow September 1, 2020

DETROIT — The MGM Grand Detroit casino plans to cut about 1,100 jobs as part of a national downsizing plan from MGM Resorts International, according to media reports. Nationwide, MGM is laying off 18,000 of its furloughed workers, citing slow business amid the COVID-19 pandemic. MGM Grand Detroit and the city’s two other casinos, MotorCity Casino Hotel and Greektown Casino-Hotel, reopened at 15 percent capacity on Aug. 5.

September 1, 2020

Acquisitions Illinois Midwest Multifamily Retail

Interra Realty Brokers $5.6M Sale of Apartment, Retail Building in Chicago

by Kristin Harlow September 1, 2020

CHICAGO — Interra Realty has brokered the $5.8 million sale of an apartment and retail building located at 2020-36 W. Montrose Ave. in Chicago’s Ravenswood neighborhood. Built in 1927, the property includes 22 apartment units situated above nine retail spaces. At the time of sale, the apartments were 94 percent occupied and the retail spaces were fully leased. Joe Smazal of Interra represented both the undisclosed buyer and seller.

September 1, 2020

Acquisitions Kansas Midwest Restaurant Retail

Block & Co. Acquires Sonic-Occupied Property in Overland Park, Kansas

by Kristin Harlow September 1, 2020

OVERLAND PARK, KAN. — Two investment groups headed by Block & Co. Inc. Realtors have acquired a 1,434-square-foot property net leased to Sonic in Overland Park for an undisclosed price. The restaurant sits on .8 acres at 10701 Roe Ave. Block & Co. will manage the property. David Block and Max Kosoglad of Block & Co. represented the buyers. Micah Feingold Commercial Real Estate represented the seller.

September 1, 2020

Acquisitions Office Oregon Retail Western

Norris & Stevens Arranges $2.6M Sale of Office, Retail Building in Portland

by Kristin Harlow September 1, 2020

PORTLAND, ORE. — Norris & Stevens Inc. has arranged the sale of a 9,048-square-foot office and building in Portland for $2.6 million. Located at 12923 NW Cornell Road, the two-story property is fully leased to seven tenants, including Next Home Realty, Edward Jones, The Foot Spa, American Family Insurance, Cedar Mils Chiropractic, Bridgetown Optometric Associates and Loft 202 Hair Studio. Todd VanDomelen and Charles Conrow of Norris & Stevens represented the buyers, L&N Fifth LLC and L&N Second LLC. Will Stone and Scott Logan of Marcus & Millichap represented the undisclosed seller. Norris & Stevens will manage the property on behalf of the buyer.

September 1, 2020

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